With credit card debt on the rise, it’s time to check in with Kurtis Ming on how to get your debt in check.
New reports are showing that there’s been a big jump in people who don’t pay off their credit cards each month. That total is now at 46%, up from 39% a year ago, according to new data from Bankrate.
Jamie Feldman shared the fact she was $20,000 in debt on TikTok.
“It’s partially because I was irresponsible with my money and partially because I was never taught how to manage my money,” she told CBS13. “I just sort of thought of it as this thing that was eventually going to go away.”
With the average interest rate nearing a record 19.59%, the ever debt carried is $5,500, according to the report.
“And if you only make minimum payments, you’re going to be in debt for about 17 years,” said Ted Rossman of Bankrate. “And you’re going to pay about $7,500 just in interest.”
Feldman managed to get a zero percent card, increased her payments and created a budget. She’s been sharing her financial journey on TikTok.
Zero percent cards that provide that rate for a year might be an avenue for those looking to reign in their debt. But the lesson for Kurtis is, once you’re focused, find boundaries on what you buy.
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